The top events of 2008

2008 was a rough year, and all indications are that the first two quarters at the very least will be tough too. There is stimulus package being bandied about that should help consumer spending but until the housing prices see their bottom and begin to rebound a little, I am skeptical about a quick turnaround. It is likely to be a slow U shaped recovery than a V. But looking back on 2008, here are my top 10 events in no order of importance.

One- The 700bn bailout: Undoubtedly, that encapsulated the extent of the crisis that everyone knew was around but was shy to admit. It brought economics back on the national agenda from the War, it brought Statesmen together like nothing else ever did (with 20 of them flying to DC at a moments notice!), it signified the end of an era on Wall Street, and it galvanized public opinion around good regulation that is badly needed to keep greed in check. Hopefully, the lessons learnt will not be forgotten soon.

Two- Falling oil prices: Not everything has been bad news for the Consumer. Oil prices have fallen sharply and gas at the pump is cheap- cheaper than I have ever known it to be. The only potential downside to this is that the need for fuel efficiency might again take a backseat given people are not feeling the pinch at the gas station and that could be disastrous in the long run.

Three- The Big 3 in DC: Talking about bailouts and oil prices, we have got to talk about GM, Chrysler and Ford, the CEOs of whom travelled in their own Private jets to DC to ask for money saying they were bankrupt! The hearing in Washington, granted a lot of it was grandstanding, brought it very clear to mind that the problems of the auto makers in Detroit had started a long time back and were inextricably linked with poor quality manufacturing and ineffient labor rates determined by the Unions. While it was sad spectacle for American manufacturing, it also brought to the fore the fundamental tenets of good manufacturing where the Americans still lag behind the Japanese.

Four- The Obama election: While it was all doom and gloom with the economy, the promise of change from a humble man with a good head on his shoulders brought people together, and people from all walks of life got together to vote for Obama. It signified a change and hope that things will undoubtedly get better in DC.
Five: The Mumbai attacks: Just as everyone thought terrorism was on the backburner, it sprung back with some vengeance. It has led to a diplomatic stand-off between India and Pakistan, and given that both nations are powered with nuclear weopons, the threat of instability in South Asia must not be underestimated.

Six- OJ imprisonment: Just as people were losing faith in the system, the judiciary stepped up to do what it should have done more than a decade back- sent OJ to jail! Finally, justice was being served the right way.

Seven: Sarah Palin effect: Nothing was a bigger surprise than McCain's choice of a running mate, little known governor from Alaska, Sarah Palin. Her glasses became an instant hit, her lack of comprehension of bigger issues of the day made for fantastic viewing on Saturday Night live and it made Tina Fey a much bigger celebrity than she ever imagined. Palin added color to the campaign and even after it ended, made it quite clear to everyone that her political ambitions have not ended. I like her, as long as she is not making the biggest decisions for the world!

Eight- The Britney comeback: She has had a rough time- a teenage celebrity, a broken marriage, two kids and she is barely 25- lets give her a break! She fought back and I hope her head shaving and hitting the car are all things of the past. I only hope the papparazzi get off her back now. She is on the mend and lets have it that way.

Nine- The Beijing Olympics: What a show that was- and it cemented China's entry on the world stage for good. The Opening ceremony was breathtaking, all events ran on schedule and given Phelp's phenomenal achievement, ensured that the Olympics had the highest television ratings ever!

Ten- India and South African wins over Australia in cricket: The end of Australian dominance in cricket is something that cricket lovers around the world have looked forward to for at least a couple of years now. The convincing manner in which the team was beaten first by India and then South Africa meant that a new world order was emerging in cricket and Australia could not take its No. 1 spot for granted anymore. Great joy for any cricket lover!

So there it is, my top 10! Look forward to 2009.